BP posts $17.15 bn Q2 loss
14 years, 8 months ago

BP posts $17.15 bn Q2 loss

The Hindu  

Bogged down by soaring costs related to the Gulf of Mexico oil spill, BP Plc today posted a mammoth second-quarter loss of $17.15 billion and also announced the departure of embattled CEO Tony Hayward. Commenting on Mr. Hayward stepping down, BP Chairman Carl-Henric Svanberg said the company’s board was deeply saddened to lose a CEO whose success in driving the firm’s performance over some three years was widely admired. Mr. Hayward’s replacement, 54-year-old Dudley, is a main board director of BP and currently runs the unit responsible for clean-up operations and compensation programmes in the Gulf of Mexico. Budging under intense pressure from the U.S. government, BP last month unveiled a $20 billion fund to meet obligations arising out of the devastating oil spill.

Billion Hayward  bp  obligations  hayward  spill  bn  oil  mexico  ceo  loss  q2  posts  costs  gulf  1715  billion

History of this topic

BP boss vows to double value of the oil giant after Elliott pours cold water on revamp plans
1 month ago

BP boss vows to double value of the oil giant after Elliott pours cold water on revamp plans

Daily Mail  

The boss of BP has vowed to more than double the value of the oil giant after activist investor Elliott poured cold water on his revamp. Speaking just a day after unveiling his new strategy to investors, chief executive Murray Auchincloss said BP could be worth £160billion within five years – up from £70billion today. Pressure: BP chief exec Murray …

Hedge fund’s BP stake worth £3.8bn as firm expected to ditch green promises
1 month, 2 weeks ago

Hedge fund’s BP stake worth £3.8bn as firm expected to ditch green promises

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The hedge fund targeting BP …

BP announce plans to cut 4,700 jobs in £1.6bn cost-cutting drive
2 months, 2 weeks ago

BP announce plans to cut 4,700 jobs in £1.6bn cost-cutting drive

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy London-based energy firm BP plan …

BP profits top $1bn a month amid criticism over shareholder payouts
1 year, 1 month ago

BP profits top $1bn a month amid criticism over shareholder payouts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “It’s clear that BP and other fossil-fuel giants can’t …

BP hikes dividend by 10% despite profits falling 70% as energy prices tumble
1 year, 8 months ago

BP hikes dividend by 10% despite profits falling 70% as energy prices tumble

Daily Mail  

BP profits slumped during the latest quarter after energy prices fell back from spikes caused by Russia’s war with Ukraine. The oil giant revealed profits fell 70 per cent to £2billion between April and June, down from the £6.6billion profits in the same quarter of last year – a period covering the early stages of Russia’s invasion of Ukraine. Resilient: …

BP posts £2bn quarterly profit but falls below expectations
1 year, 8 months ago

BP posts £2bn quarterly profit but falls below expectations

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We’re delivering our strategy at pace – we’ve started …

BP posts quarterly profit of $5bn and unveils share repurchase
1 year, 11 months ago

BP posts quarterly profit of $5bn and unveils share repurchase

Daily Mail  

BP made a near-$5billion profit in the first quarter, rising from the previous quarter on the back of strong oil and gas trading. First-quarter underlying replacement cost profit, the company's definition of net income, reached $4.96billion in the three months to 31 March, up from $4.8billion in the fourth quarter of last year and beating expectations of $4.3billion. Oil giant …

BP takes $25.5 billion hit from Russia exit
2 years, 10 months ago

BP takes $25.5 billion hit from Russia exit

Live Mint  

BP PLC took a $25.5 billion pretax accounting charge related to its decision to exit its Russia holdings, including its stake in government-controlled oil producer Rosneft, by far the biggest financial hit tallied by companies pulling back from the country after its invasion of Ukraine. The London-based company said Tuesday that the charge dragged it into a $20.4 billion headline …

Hit by pandemic, oil giants Exxon, BP post huge 2020 losses
4 years, 1 month ago

Hit by pandemic, oil giants Exxon, BP post huge 2020 losses

Associated Press  

DALLAS — Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices. “Energy consumption collapsed as economies shut down, oil prices hit their lowest point in history, and refining margins fell well below their 10-year lows,” said Exxon CEO Darren Woods. The company said Tuesday it will reduce …

$215M in BP oil spill money to restore Louisiana marshes
4 years, 6 months ago

$215M in BP oil spill money to restore Louisiana marshes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Louisiana will get nearly $215 …

Bob Dudley, BP CEO, retires after rescuing company from Deepwater Horizon disaster
5 years, 5 months ago

Bob Dudley, BP CEO, retires after rescuing company from Deepwater Horizon disaster

CNN  

London CNN Business — Bob Dudley, the American chief executive who rescued BP from its Deepwater Horizon disaster, is stepping down. BP said Friday that Dudley, 64, would retire at the end of March 2020 after 40 years with the company, including nine as CEO. “During his tenure has led the recovery from the Deepwater Horizon accident, rebuilt BP as …

DEEPWATER HORIZON OIL SPILL
6 years, 1 month ago

DEEPWATER HORIZON OIL SPILL

Daily Mail  

The Deepwater Horizon disaster took place on April 20, 2010, and led to the death of 11 workers The rig blew on April 20, 2010, killing 11 workers, and spewed 210million gallons of oil into the Gulf through the summer. The BP drilling rig exploded in April 2010, killing 11 workers and spewing about 72 million gallons of oil into …

Trump’s offshore oil drilling plans ignore the lessons of BP Deepwater Horizon
7 years, 2 months ago

Trump’s offshore oil drilling plans ignore the lessons of BP Deepwater Horizon

Salon  

The Trump Administration is proposing to ease regulations that were adopted to make offshore oil and gas drilling operations safer after the 2010 Deepwater Horizon disaster. In response, we recommended creating a new independent agency with enforcement authority within Interior to oversee all aspects of offshore drilling safety, and the structural and operational integrity of all offshore energy production facilities. …

BP draws line under Deepwater Horizon but profits slump 45% on low oil price
8 years, 8 months ago

BP draws line under Deepwater Horizon but profits slump 45% on low oil price

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP posted a 45 per …

BP estimates cost of 2010 Gulf oil spill at $61.6 billion
8 years, 8 months ago

BP estimates cost of 2010 Gulf oil spill at $61.6 billion

Associated Press  

NEW ORLEANS — Oil giant BP PLC has put a final price tag on what its catastrophic Gulf of Mexico oil spill cost the company, and it’s a hefty sum: $61.6 billion. BP said the cost estimate included all “remaining material liabilities.” The company has settled the majority of the claims filed against it by companies, local, state and federal …

BP profit fall 80% on oil price crash
8 years, 11 months ago

BP profit fall 80% on oil price crash

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP reported a 80 per …

US judge approves $20 billion settlement for BP oil spill
8 years, 11 months ago

US judge approves $20 billion settlement for BP oil spill

The Hindu  

A federal judge in New Orleans granted final approval on Monday to an estimated $20 billion settlement over the 2010 BP oil spill in the Gulf of Mexico, resolving years of litigation over the worst offshore spill in the nation’s history. The settlement, first announced in July, includes $5.5 billion in civil Clean Water Act penalties and billions more to …

US judge OKs $20B settlement from 2010 BP oil spill
8 years, 11 months ago

US judge OKs $20B settlement from 2010 BP oil spill

Associated Press  

NEW ORLEANS — A federal judge in New Orleans granted final approval Monday to an estimated $20 billion settlement over the 2010 BP oil spill in the Gulf of Mexico, resolving years of litigation over the worst offshore spill in the nation’s history. The settlement, first announced in July, includes $5.5 billion in civil Clean Water Act penalties and billions …

BP chief Bob Dudley's pay rises to £14m despite 2015 record loss
9 years ago

BP chief Bob Dudley's pay rises to £14m despite 2015 record loss

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Bob Dudley, BP chief executive, …

BP profit falls 91% as oil price cuts put thousands of jobs at risk
9 years, 2 months ago

BP profit falls 91% as oil price cuts put thousands of jobs at risk

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP has said its fourth …

BP Agrees to $18.7 Billion Payout for Deadly 2010 Oil Spill
9 years, 8 months ago

BP Agrees to $18.7 Billion Payout for Deadly 2010 Oil Spill

Slate  

BP agreed on Thursday to pay $18.7 billion for damages caused by its oil rig explosion in the Gulf of Mexico in 2010, an accident that resulted in the deaths of 11 people and the largest marine oil spill in history. This amount, which comes in addition to the hefty sums that BP has already had to pay in legal …

Op-Ed: 5 years after BP spill, little has changed to protect Gulf of Mexico
9 years, 11 months ago

Op-Ed: 5 years after BP spill, little has changed to protect Gulf of Mexico

LA Times  

An airboat operator’s glove drips with thick crude oil from the BP Deepwater Horizon oil spill in June 2010. The explosion on board BP’s drilling rig on April 20 that year triggered the worst oil spill in U.S. history. In June 2010, he addressed the nation on the BP spill and said his administration would take steps to “ensure that …

BP slashes billions from investment plans as it reveals £645m loss
10 years, 1 month ago

BP slashes billions from investment plans as it reveals £645m loss

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP and BG Group slashed …

BP found grossly negligent in 2010 spill, fines may rise
10 years, 6 months ago

BP found grossly negligent in 2010 spill, fines may rise

Live Mint  

Detroit: BP Plc acted with gross negligence in setting off the biggest offshore oil spill in the US history, a federal judge ruled, handing down a long-awaited decision that may force the energy company to pay billions of dollars more for the 2010 Gulf of Mexico disaster. BP Appeal BP is “subject to enhanced penalties under the Clean Water Act,” …

BP strikes oil in the Gulf of Mexico
11 years, 3 months ago

BP strikes oil in the Gulf of Mexico

Salon  

BP, which is back and drilling more aggressively than ever in the Gulf of Mexico, made its first "significant oil discovery," the company announced Wednesday. It's the first major find since regulators lifted a five-month ban on drilling following the 2010 Deepwater Horizon explosion. “The successes and opportunities now being delivered through our increased exploration activity confirm our confidence in …

BP warns over millions of dollars of 'fictitious' compensation claims for the 2010 Gulf of Mexico oil spill
11 years, 10 months ago

BP warns over millions of dollars of 'fictitious' compensation claims for the 2010 Gulf of Mexico oil spill

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant BP has warned that millions of dollars of …

Gulf of Mexico oil spill: US judge approves settlement in BP class action suit
12 years, 3 months ago

Gulf of Mexico oil spill: US judge approves settlement in BP class action suit

The Hindu  

A Federal judge on Friday gave final approval to BP PLC’s settlement with businesses and people who lost money because of the 2010 oil spill in the Gulf of Mexico. BP has estimated it will pay $7.8 billion to resolve more than 100,000 claims by businesses and individuals from America’s worst offshore oil spill. The April 2010 blowout of BP’s …

US bans BP from new Government work over Deepwater Horizon disaster
12 years, 4 months ago

US bans BP from new Government work over Deepwater Horizon disaster

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Oil giant BP has …

BP agrees to pay out $4.5bn settlement for Gulf oil spill
12 years, 4 months ago

BP agrees to pay out $4.5bn settlement for Gulf oil spill

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP has agreed to cough …

Four More BP Employees Will Be Charged In Oil Spill
12 years, 4 months ago

Four More BP Employees Will Be Charged In Oil Spill

NPR  

Four More BP Employees Will Be Charged In Oil Spill Two sources tell NPR that four more BP employees will be charged in relation to the BP oil spill, which dumped more than 200 million gallons of oil into the Gulf of Mexico in 2010. Update at 5:11 p.m. 'A Man Of High Integrity': Reid H. Weingarten and Brian M. …

BP sells some Gulf of Mexico assets for $5.55 billion
12 years, 6 months ago

BP sells some Gulf of Mexico assets for $5.55 billion

The Hindu  

Oil company, British Petroleum said on Monday it is selling some deep-water assets in the Gulf of Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step in the BP’s drive to cover the cost of its oil well blowout in the Gulf two years ago and concentrate investment elsewhere. The deal also includes BP’s stakes in …

BP profits dive in wake of $5bn writedowns
12 years, 8 months ago

BP profits dive in wake of $5bn writedowns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP booked an extra $5bn …

Gulf Coast claimants get 64 million dollars more in oil spill audit
12 years, 11 months ago

Gulf Coast claimants get 64 million dollars more in oil spill audit

The Hindu  

Thousands of residents of the U.S. Gulf Coast will be receiving additional payments from oil giant BP as the region marks the two-year anniversary of the Deepwater Horizon oil spill. An independent audit of the 20-billion-dollar compensation fund set up to pay those whose livelihoods were damaged by the explosion of an oil rig that led to oil spewing into …

BP shares are lifted by £4.9bn settlement over oil spill in Gulf
13 years ago

BP shares are lifted by £4.9bn settlement over oil spill in Gulf

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shares in BP yesterday rose …

BP agrees £4.9bn Gulf of Mexico spill payout
13 years ago

BP agrees £4.9bn Gulf of Mexico spill payout

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy BP has reached a £4.9bn …

BP in $7.8-billion settlement
13 years ago

BP in $7.8-billion settlement

The Hindu  

Oil major BP has agreed to pay $7.8 billion in a settlement reached with claimants affected by the spill from one of its wells in the Gulf of Mexico in April 2010. Commenting on the landmark settlement reached with the Plaintiffs' Steering Committee, which acts on behalf of individual and business plaintiffs in the multi-state proceedings ongoing in New Orleans, …

Halliburton destroyed spill evidence: BP
13 years, 3 months ago

Halliburton destroyed spill evidence: BP

The Hindu  

BP, the company held responsible for the worst oil spill in the United States' history, has accused one of its contracting companies, Halliburton of destroying vital evidence relating to the explosion of the Deepwater Horizon rig on April 20, 2010, in which 11 rig workers were killed and more than 200 million gallons of crude spewed into the Gulf of …

U.S. allows BP to drill new Gulf deepwater wells
13 years, 5 months ago

U.S. allows BP to drill new Gulf deepwater wells

The Hindu  

The U.S. federal government approved British oil giant BP’s plan to drill new deepwater wells in the Gulf of Mexico. The project would be BP’s first such well in the Gulf since last year’s explosion of the Deepwater Horizon oil rig that killed 11 workers and unleashed the worst oil spill in U.S. history. “Before approving this EP, BOEM confirmed …

Gulf Spill Blamed On Poor Management, Bad Cement Job, Other Missteps
13 years, 6 months ago

Gulf Spill Blamed On Poor Management, Bad Cement Job, Other Missteps

NPR  

Gulf Spill Blamed On Poor Management, Bad Cement Job, Other Missteps "A key federal report blames poor management, key missteps and a faulty cement job by BP and others for the worst offshore oil spill in U.S. history and the deaths of 11 rig workers," The Associated Press reports. The conclusions reached by the Coast Guard/Bureau of Ocean Energy Management …

Halliburton counter-sues BP over damaged oil well
13 years, 6 months ago

Halliburton counter-sues BP over damaged oil well

The Hindu  

More than one year after the worst oil spill in the United States' history, the parties held responsible for leaking nearly 5 million barrels of crude into the Gulf of Mexico are still embroiled in a litigious slugfest. With nasty exchanges and blame-trading continuing unabated between the global corporations involved in the well's operation and construction, the latest legal blow …

Mississippi Sues BP Oil Fund Administrator, Seeking Access To Records
13 years, 8 months ago

Mississippi Sues BP Oil Fund Administrator, Seeking Access To Records

NPR  

Mississippi Sues BP Oil Fund Administrator, Seeking Access To Records Mississippi Attorney General Jim Hood is suing BP oil spill fund administrator Kenneth Feinberg, in an attempt to force open the books at the Gulf Coast Claims Facility. Here's part of a Newscast report filed by Jeffery Hess with Mississippi Public Broadcasting: Hood says he has heard hundreds of complaints …

Anger as BP plans to drill again in Gulf
13 years, 11 months ago

Anger as BP plans to drill again in Gulf

The Hindu  

Environmentalists have reacted angrily after BP predicted it would be back drilling in the Gulf of Mexico within months despite facing billions in financial penalties over the Deepwater Horizon disaster — and despite balls of tar still washing up on beaches. The oil giant's finance director, Byron Grote, told City of London analysts: “We expect to be back and actively …

BP sues Transocean, others for spill costs
13 years, 11 months ago

BP sues Transocean, others for spill costs

The Hindu  

One year on from an oil rig blast that killed 11 people and led to 4.9 million barrels of oil flowing into the Gulf of Mexico, BP, the operator of the Deepwater Horizon rig, is suing other companies associated with the rig, including rig owner Transocean, contractor Halliburton and manufacturer of a failed blowout preventer, Cameron International. According to a …

U.S. still holds BP accountable for “painful losses”: Obama
13 years, 11 months ago

U.S. still holds BP accountable for “painful losses”: Obama

The Hindu  

“We continue to hold BP and other responsible parties fully accountable for the damage they have done and the painful losses that they have caused,” said United States President Barack Obama, speaking on the occasion of the first anniversary of the Gulf of Mexico oil spill. In a statement on Tuesday Mr. Obama said that the “catastrophic event” had deeply …

One year after the BP oil spill
13 years, 11 months ago

One year after the BP oil spill

Al Jazeera  

Are the US government and energy companies willing to change their policies? What affect did last year’s BP oil spill have on changing government and energy company policies? It would take 86 days to stop the oil from flowing after the explosion of British Petroleum’s Deepwater Horizon rig that killed eleven men and spewed millions of barrels of crude oil …

Never underestimate the emotional side of Gulf oil spill: Kenneth Feinberg
13 years, 11 months ago

Never underestimate the emotional side of Gulf oil spill: Kenneth Feinberg

The Hindu  

One year after the worst oil spill in U.S. history, in the Gulf of Mexico, oil major BP is still making payments out of a $20 billion fund to compensate many thousands of individuals, families and businesses for incomes lost and livelihoods destroyed. Mr. Feinberg, an astute lawyer and experienced compensations negotiator, was also President Barack Obama’s “pay czar,” charged …

BP: No Bonuses For Heads Of Gulf Operations
14 years ago

BP: No Bonuses For Heads Of Gulf Operations

NPR  

BP: No Bonuses For Heads Of Gulf Operations BP will not give bonuses to two executives who ran the oil giant's Gulf of Mexico operations last year: former CEO Tony Hayward, and the former head of exploration and production Andy Inglis. That news was announced in BP's first annual report since the disastrous Deepwater Horizon explosion last April, which killed …

BP, others blamed for failures
14 years, 2 months ago

BP, others blamed for failures

The Hindu  

Oil companies BP, Transocean and Halliburton share the blame for the 2010 oil spill in the Gulf of Mexico along with government regulators who failed to rigorously examine industry practices, according to the final findings of a Presidential panel investigating the causes of the spill. In a chapter of the report, made available in advance of the full report’s release, …

U.S. sues BP over Gulf of Mexico spill
14 years, 3 months ago

U.S. sues BP over Gulf of Mexico spill

The Hindu  

The Justice Department of the United States government has announced that it has slapped BP and several other companies it held responsible for the Gulf of Mexico oil spill last summer with a lawsuit seeking “unlimited removal costs and damages” under the Oil Pollution Act of 1990. violations caused or contributed to this massive oil spill, and that the defendants …

US sues BP over Gulf oil spill
14 years, 3 months ago

US sues BP over Gulf oil spill

ABC  

The US government has launched civil action against BP and nine other companies, accusing them of causing or contributing to the worst offshore oil spill in US history. The Gulf of Mexico spill in April killed 11 workers and spilled about 4.9 million barrels of oil over several months after an explosion ripped though the Deepwater Horizon rig. The Australian-listed …

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